Automotive Ventures Investment Club Members,
Thank you for your interest in direct investment into eDRV. As a result, we are over-subscribed for our allocation.
However, we’ve convinced the co-founders to provide us with additional allocation in this round.
Please let me know by
the end of today
if you have interest in making a direct investment into the company.
All of the information needed to make this decision should be in the prior email below.
Many thanks,
Steve Greenfield
678.576.9972
On Nov 16, 2022, at 5:59pm, Steve Greenfield wrote:
Automotive Ventures Investment Club Members,
It was nice to see many of you on today’s group call with
. Thank you for the great engagement on the call!
As a reminder, Automotive Ventures has just made an investment into eDRV out of our first fund, and we have $50k remaining in this round for co-investment from our Club members.
Thank you to those of you that have already requested an allocation in the SPV.
To those who haven’t, below are several resources you may find helpful to evaluate the investment opportunity:
Allocation Guidance:
We will ask that all investors that wish to receive an allocation in our SPV notify us by
end of day on Monday, November 21st
with their desired commitment amount.
One note: we may not be able to secure your entire desired allocation amount. We will be able to confirm allocations by Tuesday, November 22nd.
Deal Terms & Fees:
The terms of the round are a $12.5m pre-money valuation cap on a “
” (SAFE). We’ve further asked the company to introduce YCombinator’s templated Most Favored Nation language into the SAFE document as well as a 20% discount. Review a deeper overview of the round in the above investment memo.
The SPV fee structure will mirror best practices established by the
, with a one-time 2% management fee and 20%
.
Please let us know if you have any questions.
Many thanks,
Steve Greenfield
678.576.9972
